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Wednesday, 22 June 2011

C-III to Buy Broker Network NAI Global

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C-III Capital Partners, which owns one of the CMBS industry's most-active special servicers, has agreed to acquire NAI Global, a network of commercial real estate brokers.

The acquisition would put Andrew Farkas, head of C-III, back into the brokerage business. He previously founded and led Insignia Financial Group, a major New York City brokerage firm, but sold it to CB Richard Ellis in 2003.

The acquisition of NAI, terms of which were not disclosed, would give C-III a network of 5,000 professionals in 350 offices in the U.S. and 55 countries. The network provides a host of real state services, including property sales and project management. It also manages 200 million square feet of space.

NAI Global will continue to operate as a separate company under current management, which is led by Jeffrey M. Finn, its president and chief executive.

The acquisition is another step in C-III's effort to become a full-service real estate company. "This is the strategy that was successful for Insignia," Farkas said. The company, he added, was "led by the same team that built Insignia."

C-III already manages some $150 billion of assets, primarily commercial mortgages that were securitized. It is named special servicer for $127 billion of loans and is actively handling $10.2 billion. It also writes mortgages, most recently for CMBS, and recently launched C-III Realty Services, which has offered loans on the secondary market. It also operates a title insurance business.

As special servicer, C-III is charged with working out or sometimes foreclosing on distressed loans. That could provide a pipeline of business for NAI's brokers.

"The combination with C-III will provide a depth of resources, talent and tools from which we can draw upon to accelerate our growth," Finn said. "Rarely do you find partners so perfectly strategically aligned as NAI Global and C-III. This is a natural fit and extremely exciting news for the industry."

The acquisition is slated to be completed in the third quarter.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

 

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